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Apple Valley Resort, Ohio going into forclosure- Choices??

Black Diamond

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Apple Valley Resort is voting to cease operations by May 2016. Options to owners is:
A) Continue operations and owners pay "Special assessment" of $2500+/-
b) Deed back now or after vote is taken to close or continue
C) Hold on to deed and share in proceeds following court ordered sale of all assets.

Which is the wise choice, for those involved at Apple Valley Resort?

ADVICE FROM OTHERS THAT HAVE GONE THROUGH A VOTE OF CEASE OPERATIONS.

Thanks in advance!!
 

silentg

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Apple Valley Resort is voting to cease operations by May 2016. Options to owners is:
A) Continue operations and owners pay "Special assessment" of $2500+/-
b) Deed back now or after vote is taken to close or continue
C) Hold on to deed and share in proceeds following court ordered sale of all assets.

Which is the wise choice, for those involved at Apple Valley Resort?

ADVICE FROM OTHERS THAT HAVE GONE THROUGH A VOTE OF CEASE OPERATIONS.

Thanks in advance!!
I almost exchanged here one time but DH had knee accident. Let us know what happens to this resort? If you are an owner. If it was me I would cash in my week in buyback.
Silentg
 

Tank

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I've kept my eye on this place. It is about 1 1/2 hour away but not much shows up available except crappy weather time. I got that at home.

Hope it is, good luck !
 

csxjohn

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If they are going into foreclosure they owe someone a lot of money. If they can't manage now, what will suddenly change if everyone is assessed $2500? And how many will pay that as opposed to just walking away? If you keep the deed and the proceeds from sale don't cover debt will you have to pay to cover the debt?

These are some questions I'd be asking myself before trying to make a decision.
 

raygo123

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Any chance Wyndham could steal it? Build an indoor park?

Sent from my Nexus 7 using Tapatalk
 

Black Diamond

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BUMP!

Looking for further feedback on the Chances of breaking even on this closure.

If I hold on will there any payments for owners:confused:?

Or will I need to pay to get out of it in the end?
 

Tank

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I feel for you. I kinda liked the closeness of your resort to us. I'm keeping a eye on this.

I probably would try to get a facebook page up for owners to think together, get feedback, and share things going on with your resort.

If it were me , I would be inclined to hold tight, see what shakes loose. You won't get anything, but it shouldn't cost you anything. Who knows who would buy this, you might prosper.
 

Saintsfanfl

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Who is owed and how much is it? The answer to that question is needed to make a decision. More than likely the debt is far less than the value of the property but need to know for sure. How many units are there?

Many timeshares that sell for $1 would instantly be worth a little money if the timeshare was ending and the property was being sold.
 
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rhonda

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Looking for further feedback on the Chances of breaking even on this closure.

If I hold on will there any payments for owners:confused:?

Or will I need to pay to get out of it in the end?
Warner Springs Ranch in California went through similar starting in 2008 with a special owner vote called an "Assent Process." The owner approval provided in that round gave the board sufficient power to close the property (Jan 2012) and push it into BK. (The ranch had no reported debt prior to that move.)

We held on to our deeds and continued paying dues until the property was, eventually, sold through the BK process (March 2013). Settling deed/title issues took much effort. Payouts from the BK Sale proceeds trickled out between late 2014 through end of 2015. My final checks were received in early January of this year.

So know that this can be a very slow process ... best wishes to you and your fellow owners.

EDITING to add photo:
 
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Saintsfanfl

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Warner Springs Ranch in California went through similar starting in 2008 with a special owner vote called an "Assent Process." The owner approval provided in that round gave the board sufficient power to close the property (Jan 2012) and push it into BK. (The ranch had no reported debt prior to that move.)

We held on to our deeds and continued paying dues until the property was, eventually, sold through the BK process (March 2013). Settling deed/title issues took much effort. Payouts from the BK Sale proceeds trickled out between late 2014 through end of 2015. My final checks were received in early January of this year.

So know that this can be a very slow process ... best wishes to you and your fellow owners.
What dues were there after the property officially closed? In other words, what was the basis for dues owed between Jan 2012 and Mar 2013? Was it a lesser amount based on the necessary pre-sale activities?
 

rhonda

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What dues were there after the property officially closed? In other words, what was the basis for dues owed between Jan 2012 and Mar 2013? Was it a lesser amount based on the necessary pre-sale activities?
Ha, Ha, Ha. Nope, full dues until sold with no usage available.

That said -- the WSR structure was a hybrid Country Club / Timeshare. Our dues paid for ranch operations but not overnight stays. Our stays were paid "per use" (nightly rental fee). The Board action of closing the ranch cut off the rental income -- while the property still needed to pay security/admin/maint staff, keep the golf course in "reasonable shape to sell," keep the ranch horses fed, etc. So -- monthly dues continued!

(Disclosure: The need for continued dues was somewhat easier for me to accept than most owners as owners with horses boarded on the property were permitted to continue our board and use of the equestrian facilities and trails through the BK sale process. So while I no longer had access to the hot springs pool and other favorite ranch amenities, I had a long transition process while maintaining my social circles at the barn. This was a side effect of the ranch horses being identified as ranch assets/property. The board didn't have authority to sell the horses as a separate asset and they needed to be fed and cared for until the new owner made a decision regarding their fate.)
 

garyk01

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deed it back

my advice is deed it back. I went through this with two different places. one still active, one was closed. the cheques I got after the place was liquidated was $113.00 after paying nearly that much in courier fees. so ended up with zero basically, the other place , I paid a special assessment, that one was worse, they upped the maintence fees by 20 % , now its over $1200 a week for a 2 bedroom in Canada
 

gerena

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This is so sad. We stayed there Fall 2010 and really enjoyed our time. Very clean and we enjoyed visiting the area so much. Have considered going back, but there are other places to see too! We live in northern Indiana and it was a nice pleasant drive for us to get there. I did notice that they had a 1 in 4 rule, which challenged us from going back too. Not sure what that was all about. It appears that it is difficult to get in to, especially the Fall.

It was a nice spoke out place for the Amish area (not that we don't have enough where we live--our neighbors, but.....)

We don't golf, but the view from the restaurant out to the golf course was stunning with Fall color.

Good luck and I'm sorry this has happened to the owners.

I don't have an idea for what to do, but I feel for your loss.:bawl:
 

laa98

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Still in operation?

We have reservations here in July thru RCI. Do you think the resort will be open and still honor the reservation?
 

pedro47

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This resort looks very nice. WHAT HAPPEN ? Maybe DRI or Wyndham will take over this resort in distress.
 

Marvin

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I need info on closing of Apple Mountain Resort

I have reservations through RCI at Apple Mountain for the last week in May, 2016.Can someone bring me up to date as to the closing of the resort???
 

Black Diamond

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Usage end May 27th!

We have reservations here in July thru RCI. Do you think the resort will be open and still honor the reservation?
May 27th is the final date of operations. There is a owners association meeting tomorrow to decide the next step in the process.:confused:
 

Black Diamond

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May 27th is the final date of operations.

I have reservations through RCI at Apple Mountain for the last week in May, 2016.Can someone bring me up to date as to the closing of the resort???
I miss read the resort name as Apple Valley Resort:
Apple Valley Resort: will close on May 27th, the final date of operations. There is a owners association meeting tomorrow to decide the next step in the process.:confused:
 
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Black Diamond

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$1.9 million in assets for 500 owners

my advice is deed it back. I went through this with two different places. one still active, one was closed. the cheques I got after the place was liquidated was $113.00 after paying nearly that much in courier fees. so ended up with zero basically, the other place , I paid a special assessment, that one was worse, they upped the maintence fees by 20 % , now its over $1200 a week for a 2 bedroom in Canada.
1.9 million in assets at appraisal with less than 500 current owners, they have set aside $30,000 for legal fees.

How can the association NOT have money left to disburse to owners if the sale brings 2/3 of the value?:ponder:
 
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csxjohn

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1.9 million in assets at appraisal with less than 500 current owners, they have set aside $300,000 for legal fees.

How can the association NOT have money left to disburse to owners if the sale brings 2/3 of the value?:ponder:
Two things come to mind, how much is owed and will it bring anything close to that appraised value?
 

Black Diamond

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Psoitive meeting today at Apple Valley Resort

I would like to take over several GOLD week deeds that are current on membership dues and owner would like to save the $28 recording fee.
I will pay the fee to record your deed at my expense!!

Contact me about your deed!!

Thanks!!
 

Black Diamond

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Yes

Did you go to the owners' meeting today?
92 % percent say sell out because the ACTIVE membership is less than 35% and it needs greater than 70% ownership to keep a TS in good financial conditions. Currently 30+% ownership held by association membership

Upcoming vote will be final chance to vote to be in or out on the closing negotiations and legal process.
 
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